Thursday, October 16, 2008

The Times They are a'CHANGING

JOHN MACK - Morgan Stanley

Why it's Different

1-It's Global
2- CREDIT HAS DRIED UP
3- Leverage and the Nature of Fund management - the proliferation of hedge funds that use active and levered strategies has exacerbated the situation there was simply too much leverage and leverage works both ways we are now seeing the downside

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